预算软约束与风险偏好强化：非均衡式创新中的风险点识别研究

计划经济体制导致资源使用效率低下，社会中存在大量非均衡市场和领域，这为中国企业实施均衡式创新创造了条件。随着均衡式创新的帕累托改进空间逐渐缩小，利用非均衡式创新提升资源使用效率已刻不容缓。在非均衡式创新过程中，政府极易侵入社会主体创新边界，导致创新租值降低或耗散。政府对创新主体的财政资金扶持容易对创新预算形成软约束，导致创新目标替代，强化创新主体的风险偏好，放大创新系统风险，诱发俘获政府行为，最终导致创新企业逆向淘汰。因此，明确政府在创新活动中的边界与风险，对我国实施创新驱动发展战略至关重要。

Soft Budget Constraint and Risk Appetite Enhancement: Risk Spot Identification in Non balanced Innovation

The low efficiency of social resource allocation caused by the planned economic system provides a starting point for the implementation of balanced innovation for Chinese enterprises. And with the balanced innovation caused by Pareto improved space gradually reduced, the use of non balanced innovation to promote the efficiency of resource use jump which has been urgent. In the implementation of the current national innovation strategy, the government can easily invade the boundaries of the social main innovation activities, resulting in the reduction or dissipation of innovation rents. The government's financial support to the innovation activities makes the innovation funds appear soft budget constraints, reduce the innovation efficiency, and increase the risk appetite of the innovation subject, amplify the innovation system risk, easily lead to capture the government behavior which leading to the reverse elimination of innovation. Therefore, it is very important to correctly understand the boundaries and risks of government in innovation activities and to promote China's innovation strategy.